Intro To Business
Just a lil study guide to help me for the INTRO TO BUSINESS FiNaL
Terms
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- Product
- Everything a business offers to satisfy a customer's needs.
- Marketing Strategy
- A company's plan that identifies how it will use marketing to achieve its goals.
- Consumer Decision Making Process
- The specific sequence of steps consumers follow to make a purchase.
- Advertising
- Any paid form of comminication through mass media directed at identified consumers to provide information and influence their actions.
- Services
- Activities that are consumed at the same time they are produced.
- Marketing Orientation
- Considers the needs of customers when developing a market mix.
- Intangible
- Meaning that they have no physical form.
- Final Consumers
- Persons who buy products and services mostly for their own use.
- Promotion
- Any form of communication used to inform, persuade, or remind.
- Encoding
- Preparing the information to e communicated.
- Business Consumers
- Persons, companies, and organizations that buy products for the operation of a business, for incorporation into other products and services, or for reslae to their customers
- Channel of Distribution
- The route a product follows and the business involved in moving a product from the producer to the final consumer.
- Channel Members
- The business that take part ina channel of distribution .
- Price
- The money a customer must pay for a product of service.
- Marketing mix
- The blending of four marketing elements---- product, distribution, price, and promotion.
- Target Market
- A specific group of consumers that have similar wants and needs.
- Mark up
- The amount added to the cost of a product to set the selling price.
- Marketing Research
- Finding solutions to problems through carfully designing studies involving consumers.
- Personal Selling
- Direct, invdividualized communication with prospective customers to assess their needs and assist them in satisfying those needs with appropriate products and services.
- Distribution
- The location and methods used to make a product or service avalible to the target market.
- Effective Communication
- The exchange of information so there is common understanding by all participants.
- Decoding
- The interpretation of information
- Marketing
- The process of planning and executing the concept, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objective.